CALDEIRÃO DE BOLSA

Pan American Silver Corp. (Pan American), engaged in the operation and development of, and exploration for, silver producing properties and assets. Pan American’s principal product is silver, although gold, zinc, lead, and copper are also produced and sold. As of December 31, 2011, Pan American carried on mining operations or was developing mining projects in Mexico, Peru, Argentina and Bolivia, and had control over non-producing silver assets. In March 2012, it acquired all of the issued and outstanding common shares of Minefinders Corporation Ltd.